As the Internet has become more wide-spread, electronic transactions have displaced face-to-face transactions. Types of electronic transactions can vary, including purchasing items and borrowing money. Because it is hard to determine authenticity of a transaction partner without face-to-face interaction, there exist various ways to detect fraud.
The existing methods to determine authenticity, however, are perfunctory in nature. They evaluate credibility of an applicant using transaction or credit history, and are thus limited to a small set of data that relates to the applicant. Moreover, transaction or credit history can be fabricated; therefore, the determination may not be accurate. Because of this reason, the existing methods often require face to face interaction or phone conversation with the person engaging the transaction. By doing this, however, the cost of the transactions increases, and the process gets delayed. Therefore, there is a need for improved systems and methods for accurately determining authenticity in an electronic manner.